Waaree Energies Files IPO Papers With SEBI The company proposes to utilize the net proceeds towards part financing the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha and for general corporate purposes

Waaree Energies Limited, a manufacturer of solar PV modules in India has filed its Draft Red Herring Prospectus ("DRHP") with the market regulator Securities and Exchange Board of India ("SEBI").

The Company's initial public offering comprises a fresh issue of Equity Shares aggregating up to ₹30,000 million and an offer for sale of up to 3,200,000 Equity Shares having face value of ₹10 each.

The offer for sale comprises of up to 2,700,000 Equity Shares by Waaree Sustainable Finance Private Limited (formerly known as Mahavir Thermoequip Private Limited)( Promoter Selling Shareholder), up to 450,000 Equity Shares by Chandurkar Investments Private Limited and up to 50,000 Equity Shares by Samir Surendra Shah (Other Selling Shareholders)

The company proposes to utilize the Net Proceeds towards part financing the cost of establishing the 6GW of Ingot Wafer, Solar Cell and Solar PV Module manufacturing facility in Odisha, India as well as for general corporate purposes.

Waaree Energies Limited commenced operations in 2007 focusing on solar PV module manufacturing, with an aim to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon foot-print paving the way for sustainable energy thereby improving quality of life.

The portfolio of solar energy products consists of the following PV modules: multicrystalline modules; monocrystalline modules; TopCon modules, comprising flexible modules which includes bifacial modules (Mono PERC) (framed and unframed), and building integrated photo voltaic (BIPV) modules.

The company claims to have successfully developed a large customer base globally and the products are sold globally, including to customers in the United States, Canada, Italy, Hong Kong, Turkey and Vietnam, with United States being the biggest export market. It has a pan-India franchisee network focused on the rooftop and MSME business verticals.

As of June 30, 2023, the Company operates four manufacturing facilities in India spread over an area of 136.30 acres, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, India. The company claims that the revenue from operations increased at a CAGR of 85.92% from ₹ 19,530.39 million in FY21 to ₹ 67,508.73 million in FY23. The total income increased from ₹ 19,830.09 million for FY21 to ₹ 29,458.51 million for FY22 which further increased to ₹ 68,603.64 million for FY23 and was ₹ 34,149.98 million for the three months ended June 30, 2023.

The Company has a substantial order book of solar PV modules and as of November 30, 2023, the pending order book of solar PV modules was 20.16 GW which included domestic orders, export orders, and franchisee orders and 3.75 GW of orders for the subsidiary, Waaree Solar Americas Inc. located in the United States.

Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited and ITI Capital Limited are the Book Running Lead Managers to the issue.